Peltz's Trian Fund, which owns a 2.9 percent stake in PPG, had reportedly asked for the current CEO to be replaced by his predecessor, Charles Bunch, in a bid to improve performance before a possible split of the company, according to a Bloomberg bloom.bg/2ArP7AA report which cited people familiar with the matter.

The report added that Trian spoke with Bunch, who is prepared to return to the company.

"PPG's directors made clear that the Board of Directors unanimously supports Michael McGarry as Chairman and CEO," the company said in a statement here on Thursday, adding the board "also believes that the company's strategic plan has positioned PPG to drive growth and increase shareholder value."

The company said they would be open to listen to Trian on other topics.

Trian did not immediately respond to Reuters’ request for a comment.

The hedge fund revealed it picked the stake in PPG, valued at $690 million, earlier this month.